Streetbeat News

Labor Issues

SPR

Spirit AeroSystems' CEO highlighted during a conference call that the company, along with other suppliers, is facing strain on its supply chain, posing both commercial and operational risks.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:12 pm

MSFT

David A Steinberg, CEO of Zeta Global, predicts a significant transformation in Wall Street jobs due to AI, forecasting both job destruction and creation. His views were shared during CNBC's 'Last Call' at the Milken Institute, highlighting the potential for AI to replace many analyst roles. The IMF warns AI could affect 40% of global jobs, while Microsoft's CEO Satya Nadella sees potential for wage increases through enhanced expertise.

Portfolio Pulse from Benzinga Neuro

May 07, 2024 | 2:32 pm

CBSTF

CRLBF

Workers at the Cannabist Company in North Hollywood and Studio City, Los Angeles, have voted to join Teamsters Local 630 to improve pay, working conditions, and gain respect in the workplace. This follows a trend in the cannabis industry where workers are increasingly organizing, as seen with recent unionization efforts at Cresco Labs and Verano Holdings Corp among others. The move aims to secure better terms through collective bargaining, reflecting growing organizing momentum within the industry.

Portfolio Pulse from Nina Zdinjak

May 07, 2024 | 1:23 pm

FSRN

Fisker Inc. (NYSE:FSRN) is reportedly closing its Manhattan Beach headquarters and relocating employees to its La Palma site amid financial struggles and potential bankruptcy. The company has warned of bankruptcy if it cannot secure waivers from debt holders or raise sufficient capital. Despite this, Fisker continues to expand its dealer network, adding six new locations recently.

Portfolio Pulse from Anan Ashraf

May 07, 2024 | 11:56 am

EVGO

EVgo has announced that Olga Shevorenkova will step down as CFO. Stephanie Lee will serve as interim CFO until a permanent successor is appointed.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 11:22 am

TSLA

Tom Zhu, rumored to be Elon Musk's successor at Tesla, is returning to his role in China amid a broader executive shake-up and ongoing layoffs at Tesla. Zhu's return to China, where he previously contributed significantly to the Giga Shanghai project, coincides with Tesla's fourth week of layoffs, affecting thousands of employees across various departments. This move is seen as strategic, potentially strengthening Tesla's position in the crucial Chinese EV market.

Portfolio Pulse from Benzinga Neuro

May 07, 2024 | 9:42 am

MEI

Methode Electronics, Inc. (NYSE:MEI) appoints Kevin Nystrom as interim CEO, effective immediately, following the resignation of Avi Avula. The company is engaged with AlixPartners for consulting services and has begun searching for a permanent CEO with Spencer Stuart.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 8:22 am

BOWL

Dozens of former Bowlero employees plan to sue the company for age discrimination and retaliation after the EEOC closed its investigation without filing a lawsuit. The EEOC had been investigating Bowlero since 2016, finding reasonable cause in 58 complaints but ultimately decided not to sue. Bowlero, which denies the allegations, has been informed it's not cleared of wrongdoing. The company, having gone public in 2021 and tripling its revenue from 2021 to 2023, considers the EEOC's decision a positive development. The claimants' lawyer intends to file a lawsuit seeking $80 million plus legal fees. Bowlero's stock is down about 21% year to date.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 12:22 am

IFF

IFF announced the retirement of CFO Glenn Richter by the end of 2024 and has begun the process to find his successor. Richter's tenure contributed to financial improvements and strategic developments at IFF.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:53 pm

ANGI

Angi, in collaboration with BlueRecruit, is launching initiatives to address the skilled trades labor shortage, including the Angi Trade Up Scholarship Program and a digital career fair. The scholarship program will award $2,500 to students in construction-related trade programs, while the digital career fair aims to connect BlueRecruit's job seekers with Angi's network of home service professionals. These efforts are in response to the growing concern of an aging trades workforce and the need to attract more young people to the trades.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:39 pm